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Bitcoin News Roundup for Oct. 5, 2020
With interest in bitcoin futures falling to their lowest level since May, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 10:04 a.m. Published Oct 5, 2020, 4:00 p.m.
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With interest in bitcoin futures falling to their lowest level since May, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Nexo.io and Elliptic
Today's Stories:
Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi
Institutional interest in bitcoin futures has plummeted as the DeFi explosion made carry trades less attractive, said Bequant's Denis Vinokourov.
Bitcoin Miners Saw 11% Revenue Drop in September
Miners generated an estimated $328 million in September.
SEC Is Willing to 'Try' a Tokenized ETF, Chairman Says: Report
SEC Chairman Jay Clayton expressed an openness to a tokenized exchange-traded fund.
Pro-Crypto PAC Giving $50 in Bitcoin to the Campaign of Each Member of Congress
In a bid to raise awareness, the Chamber of Digital Commerce’s PAC is contributing $50 in bitcoin to the campaign of incumbent members of Congress in both legislative houses.
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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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Binance to shift $1 billion user protection fund into bitcoin amid market rout
Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
What to know:
- Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
- The exchange has pledged to replenish the fund to $1 billion if bitcoin price swings cause its value to fall below $800 million.
- Binance framed the change as part of its long-term industry-building efforts.
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